Subordinated Beneficiary definition

Subordinated Beneficiary means the holder of the Subordinated Beneficial Interest.
Sample 1Sample 2Sample 3
Subordinated Beneficiary means the holder of the Subordinated Beneficial Interests.
Sample 1Sample 2Sample 3

Examples of Subordinated Beneficiary in a sentence

  • Upon its termination or resignation, the Trustee of the First Trust will promptly settle the existing rights and obligations of the Trustee of the First Trust as against the Trustor of the First Trust, the Subordinated Beneficiary and the Trustee of the Second Trust and deliver to the Successor Trustee or to a person designated by the Trustor of the First Trust, all records, files, and information held in accordance with the First Trust Agreement.

  • The Trustee of the First Trust will carry on its trust business faithfully for the Subordinated Beneficiary with the due care of a prudent manager in accordance with the First Trust Agreement and Applicable Laws.

  • If no Insolvency Event has occurred with respect to the Subordinated Beneficiary and the Trust Assets of the First Trust fall short of (or are expected to fall short of) the amount required for such payment amount, the Trustee of the First Trust may request the Subordinated Beneficiary to pay such shortfall; provided, further, that such amount may not be charged to the Trustee of the Second Trust.

  • For the purposes hereof and of the Master Collateral Agency Agreement, the Financing Source Master Collateral securing the Senior Beneficiary, shall also be deemed Financing Source Master Collateral securing the Subordinated Beneficiary on a subordinated basis.

  • The Subordinated Beneficiary hereby becomes (and is hereby designated by the Master Servicer) a Beneficiary under the Master Collateral Agency Agreement, subordinated to the interests of the Senior Beneficiary as specified in Section 4 below.

  • The Subordinated Beneficiary hereby acknowledges receipt of an executed copy of the Master Collateral Agency Agreement.

  • If the Trustee of the First Trust is requested by the Trustee of the Second Trust to pay the shortfall (including any expected shortfall) of the Trust Expenses of the Second Trust, the Trustee of the First Trust will be entitled to claim that shortfall from the Subordinated Beneficiary, subject to no Insolvency Event having occurred with respect to the Subordinated Beneficiary.

  • Subject to the subordination provisions in Section 4 below, [ ] is hereby designated as the Subordinated Beneficiary with respect to the Financing Source Master Collateral.

  • The Trustee of the First Trust will not be liable for any loss incurred by the Subordinated Beneficiary and the Trustee of the Second Trust or any other third party for the sale of the Trust Assets of the First Trust (including the determination of the purchase price of the Trust Assets of the First Trust for the sale) as long as the Trustee of the First Trust performs its obligations with due care in accordance with the provisions of the First Trust Agreement and Applicable Laws.

  • US is thus arguably policy more unilateral, the higher the number of other treaty members.

Related to Subordinated Beneficiary

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Qualified Beneficiaries has the meaning set forth in Section 4.12.

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Former Spouse means the individual who is considered by Applicable Laws to be the Annuitant’s former spouse or common-law partner;

  • Spouse means, an individual who,

  • Remainder beneficiary means a person entitled to receive principal when an income interest ends.

  • Beneficiary(ies means the individual or individuals designated in the Application by the Subscriber(s) to whom, or on whose behalf, Educational Assistance Payments are agreed to be paid, provided such individual qualifies under the Applicable Legislation and the Plan at the time such payments are made;

  • Surviving beneficiary or "surviving descendant" means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Distributee means an Employee or former Employee. In addition, the Employee's or former Employee's surviving spouse and the Employee's spouse or former spouse who is the alternate payee under a Qualified Domestic Relations Order are considered Distributees with regard to the interest of the spouse or former spouse.

  • Accrued Benefit have the meanings specified in ERISA.

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.

  • Alternate Payee means any spouse, former spouse, child, or other dependent of a Participant who is recognized by a qualified domestic relations order as having a right to receive all, or a portion of, the benefits payable under a Plan with respect to such Participant.

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Representative payee means an individual, agency, or institution selected by a court or the Social Security Administration to receive and manage benefits on behalf of another person.

  • Death Benefit means the insurance amount payable under the Certificate at death of the Insured, subject to all Certificate provisions dealing with changes in the amount of insurance and reductions or termination for age or retirement. It does not include any amount that is only payable in the event of Accidental Death.

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.